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Thirty-four billion dollars! That’s how much unintentional injuries cost the U.S. economy in just one year, according to the National Safety Council. 

If you’ve been in an accident, the numbers can feel overwhelming. Medical bills. Lost income. Potential legal fees. The costs pile up fast, and it can be hard to figure out where to start. But clarity in assessing your financial needs is the first step toward regaining control. 

Here’s a simple guide to help you prioritize and plan after an accident. 

Step 1: Add Up Immediate Medical Costs 

Medical care is often the highest cost after an accident. Start by listing out immediate medical expenses like ER visits, surgeries, follow-ups, and physical therapy. Don’t forget prescriptions, medical equipment (like crutches or braces), and transportation to appointments. 

Keep every receipt, bill, or insurance statement related to your treatment. These will help you get a clear picture of your total expenses so far. 

Step 2: Plan for Future Medical Needs 

Some injuries, like fractures or spinal issues, require long-term care. Talk with your doctor about future treatments you may need. Ask questions like:

•  Will I need ongoing physical therapy?
•  Are there complications I should prepare for?
•  How long will it take to recover fully? 

Planning ahead prevents you from being blindsided by unexpected medical bills later on. 

Step 3: Factor in Lost Income 

If your injury has kept you out of work, account for how much money you’ve lost so far. Then, think ahead. Will your recovery impact your ability to work in the future? For example:

• Are you able to work fewer hours or will you need to switch to a less physically demanding role? 
• Are you self-employed, and is your business taking a hit while you’re unable to operate it fully? 

This is money you’ll need to include when calculating financial needs. 

Step 4: Explore Compensation Possibilities 

If your accident resulted from someone else’s negligence, you should explore legal recourse. Compensation from insurance claims or personal injury lawsuits can help cover your financial burden. 

Take, for instance, an individual injured in a biking accident due to poor road signage in Tucson. By partnering with an experienced personal injury lawyer in Tucson, they could secure compensation for medical bills, lost wages, and long-term care stemming from the event.

Experienced legal professionals can guide you through negotiations with insurance companies or court proceedings to ensure fair compensation. 

Step 5: Rework Your Budget 

Accidents often create financial strain. Review your current expenses and see where you can cut back temporarily. For instance:

•  Reduce discretionary spending like dining out or streaming subscriptions. 
•  Focus on saving for necessary expenses like medical bills. 
•  Pause larger purchases or delay non-essential costs until your finances stabilize. 

A temporary adjustment can make a big difference while you’re working through the impact of your accident. 

Step 6: Track All Costs as You Go 

Keeping an ongoing record of your expenses is crucial. Use a spreadsheet or app to track your spending, noting every medical cost, income loss, and additional fee (like childcare or home cleaning if your injury limits mobility). 

Not only does this give you a clearer picture of your finances, but it’s also essential if you’re seeking compensation. Clear documentation strengthens your case. 

You Don’t Have to Tackle This Alone 

Accidents are tough. Financial stress makes it even harder. But taking the time to assess your financial needs now can save you a lot of headaches later. 

Need help navigating costs or legal options? Contact an experienced personal injury lawyer. They’ll guide you through the process and help ease the financial burden so you can focus on what matters most – your recovery.